Logll Tech News β Renowned crypto exchange Bitstamp π is putting a halt to its Ethereum staking services for U.S. πΊπΈ customers.
- Bobby Zagotta, the top executive at Bitstamp USA, recently conveyed that customers will enjoy staking rewards π° only until September 25, 2023. After this cutoff, all staked assets will be returned, with accrued rewards and the principal being credited to the primary Bitstamp accounts of users. However, the processing time might extend over a few days β³.
Update for our US users π’
— Bitstamp (@Bitstamp) August 8, 2023
Starting August 29: AXS, CHZ, MANA, MATIC, NEAR, SAND, and SOL trading will be halted after evaluating recent market developments.
Execute any open trades. Holding and withdrawing tokens afterwards will be unaffected.
More info:β¦
Staking Commission and Global Restrictions π
For those unacquainted, Bitstamp levies a 15% commission on all staking rewards. The monthly yield for Ethereum staking stands at 4.50%, while Algorand’s staking reward rate is at a modest 1.60%. This latest move positions the U.S. πΊπΈ alongside nations like Canada π¨π¦, Japan π―π΅, Singapore πΈπ¬, and the UK π¬π§ where Bitstampβs staking services are off the table.
Legal Hurdles in the U.S. βοΈ
This development seems interlinked with recent regulatory shifts in the U.S. Last month, Bitstamp ceased offerings of seven altcoins, all of which were subsequently labeled as unregistered securities by the U.S. Securities and Exchange Commission (SEC) ποΈ. This is amidst the ongoing debate on Ethereum’s classification as either a commodity or a security.
Dive into Bitstamp π±
Esteemed as one of the inaugural crypto exchanges, having been founded in 2011, Bitstamp boasts an intuitive platform suited for novice π’ and occasional crypto investors. It offers competitive rates for buying and selling.
Cryptos Supported by Bitstamp πͺ
On Bitstamp, users have access to over 80 sought-after cryptocurrencies. Among them are Bitcoin, Ethereum, Stellar Lumens, and Litecoin, to name a few. However, trading for some coins, including FTX and Celsius, has been halted.
π You might also like: Best Hardware Wallet for Bitcoin
Trading Platforms on Bitstamp π₯οΈπ±
Bitstamp extends three distinct platforms for users: the primary Bitstamp.net, Bitstamp Tradeview, and the Bitstamp Mobile app. Each platform maintains consistent trading fees.
Fee Structure πΉ
Regular trades at Bitstamp commence with a fee of 0.40%. The fee structure is designed to favor frequent traders, with those trading above $10,000 in a month benefiting from reduced rates. Interestingly, high-volume traders, especially those trading above $1,000, enjoy zero fees.
Ensuring Security π
The security of crypto transactions is paramount, given their irreversible nature. Bitstamp emphasizes strong security norms, with a significant chunk of user funds securely held in cold storage. Users are encouraged to employ unique passwords and multi-factor authentication to fortify their accounts.
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Sergio Richi
Editor, Logll Tech News